The crypto market this week started off on a weaker note and seems like it is going to continue the same way. Almost all major cryptos have seen a major price depreciation over the past 24 hours, and the total crypto market cap has finally descended well below the $1 trillion mark. According to CoinMarketCap, the current global crypto market cap is standing at around $971 billion, registering a value erosion of 3.2% over the past 24 hours. However, the total crypto market volume over the last 24 hours is $76.86 billion, which saw a 16.18% increase in the same timeframe – suggesting that there was participation in the fall.
The total volume in DeFi is currently $6.10 billion, 7.94% of the total crypto market 24-hour volume. The volume of all stable coins is now $70.58 billion, which is 91.83% of the total crypto market 24-hour volume.
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Precisely in line with the broader market, the king coin, Bitcoin also saw a similar 3% fall in value over the past day, and is now barely hovering below the $21,000 mark. Ethereum too saw a major drop in prices, losing over 5% and is back below the crucial psychological support level of $1500 and trading near $1430.
A possible reason behind this increase in volatility and fear in the market could be due to the oncoming Fed meet later this week. Investors from all asset classes, including cryptos have their eyes on the meeting and the results that will come out of it. The United States is facing staggering inflation numbers and a possible continued trend of rate hikes could ensue, resulting in weakness across asset classes.
Check out latest Ethereum INR Price , Chart, and Data.
Along with these heavyweights, a bunch of smaller altcoins also saw a major depreciation in value with the market correction. Lido DAO (LDO) and Curve DAO (CRV) tokens saw well over double digit losses, losing 11.5% and 12% respectively. Along the same lines, Synthetic (SNX), Quant (QNT), Convex Finance (CVX) and NEAR Protocol (NEAR) also saw 9.5-10% losses. Yesterday’s biggest gainer, Bitcoin Cash (BCH) also receded a hefty 8% in the past day, wiping out all of yesterday’s gains.
Other major altcoins like Polygon (MATIC) and Axie Infinity (AXS) saw over 9% depreciation in prices over the past 24 hours.
A few tokens managed to gain some value despite pessimism all around like, Trust Wallet Token (TWT) which managed to gain 6% and Qtum (QTUM) token gaining almost 3% in the same timeframe. However, despite these, the broad base for the crypto market is largely negative and has almost wiped out all the gains it has managed to make in the past one week.
Additional Read: Alternatives to Bitcoin
CRYPTO MARKET TODAY AT A GLANCE
|Global crypto market cap||$971 billion|
|Rise/Fall in crypto market cap||-3.2%|
|Global DeFi TVL||$82.2 billion|
|Rise/Fall in DeFi TVL||-4.2%|
TOP CRYPTO PRICES TODAY, 26TH JULY, 2022:
|COIN||PRICE ($)||PRICE (INR)||% CHANGE (24-HOUR)||MARKET CAP|
|TRUST WALLET TOKEN (TWT-USDT)||$0.9||₹72||5%||$377 MILLION|
|QTUM (QTUM-INR)||$3.4||₹297||2%||$352 MILLION|
|AXIE INFINITY (AXS-INR)||$18||₹1264||-8.2%||$1.25 BILLION|
|POLYGON (MATIC-INR)||$0.76||₹66||-9.1%||$6.25 BILLION|
|QUANT (QNT-INR)||$86||₹7701||-9.5%||$1.01 BILLION|
|NEAR PROTOCOL (NEAR-INR)||$3.7||₹320||-10%||$2.7 BILLION|
|SYNTHETIX (SNX-INR)||$3||₹260||-10.1%||$350 MILLION|
|CONVEX FINANCE (CVX-USDT)||$6.4||₹510||-10.1%||$423 MILLION|
|LIDO DAO (LDO-USDT)||$1.4||₹112||-11.5%||$435 MILLION|
|CURVE DAO (CRV-INR)||$1.2||₹102||-12.2%||$611 MILLION|
TOP CRYPTO NEWS TODAY
1. RIPPLE PARTNER QNB ESTABLISHES REMITTANCE TECH BETWEEN QATAR & PHILIPPINES
In a major historic move, Ripple’s partner QNB has launched a direct remittance service for to transfer money transfers seamlessly from Qatar to the Philippines. This makes it the first bank in Qatar to introduce the service. It will be taking advantage of Ripple’s financial technology ‘RippleNet’ to establish a connection with China Bank, one of the top private universal banks in the Philippines to introduce this service.
2. UK FINANCE GROUP LABELS CRYPTO AS A GOOD ALTERNATIVE TO TRADITIONAL PAYMENTS
A new study by the UK based International Association of Money Transfer Networks (IAMTN) has stated that cryptos can complement traditional finance by acting as a ‘good alternative’ to the existing fund settlement processes. It also said that through the blockchain technology that powers cryptos, remittances can be performed quickly and easily and in effect eliminate intermediaries and thus lower costs.
3. ETHEREUM WHALES STILL ‘HODLING’ ON TO SHIBA INU
The meme inspired crypto Shiba Inu (SHIB) has managed to remain the most favourite altcoin amongst Ethereum whales. It is the largest altcoin holding amongst the largest whales on the Ethereum network despite the market downturn since the beginning of this year.
GLOBAL CRYPTO MARKET OVERVIEW
The last 24 hours saw a major dip in the broader global crypto market cap, especially with it breaking down below the psychological support level of $1 trillion mark. Now this region would become an area of resistance once when the market tries to recover again. However, the $950 billion mark is slightly more important in terms of a resistance (marked in orange) because of the fact that is has served as a stiff level of resistance twice before and on the third attempt, it had been successfully breached last week. But now with the price hovering around that region, investors need to be more careful now. Sustaining below the level could result in further dip in prices as the bear market rages on, and conversely if it manages to break out – it would become slightly stronger as a support.
The Relative Strength Index too has now fallen below the 50 mark, currently trading near 47, suggesting weakness on the rise too. The market cap is also very close to its 50-day moving average, which will also serve as a crucial support level. So we will have to wait and see how the market reacts to its current situation.
BITCOIN PRICE TODAY